The Stanhope,
995 Fifth Avenue

Overview of The Stanhope at 995 Fifth Avenue

The Stanhope at 995 Fifth Avenue stands as one of Manhattan's most prestigious residential conversions, originally designed by Rosario Candela in 1926 as The Stanhope Hotel. This 17-story brown brick building with a limestone base occupied a coveted corner location at 81st Street, directly facing Central Park and the Metropolitan Museum of Art. For decades, it served as the Upper East Side's premier hotel rival to the Carlyle, complete with an attractive sidewalk café that was considered among the city's finest. The building changed hands numerous times over the years, experiencing financial difficulties and bankruptcy before being acquired by Hyatt Corporation in 1999, which operated it as a Park Hyatt until 2005.

Extell Development converted the historic hotel into 26 exclusive residences in 2007, creating what is now known as a "condop" – a cooperative with condominium bylaws that offers exceptional flexibility for owners. This structure permits pied-à-terre ownership, LLC or Trust ownership, and 75% financing, making it particularly attractive to international buyers and investors. The building operates under a land lease extending until 2154 with no rent increases until 2041, and residents pay a 2% flip tax upon purchase. The conversion preserved the building's prewar architectural details while incorporating modern infrastructure, including individually controlled four-pipe heating and cooling systems and a backup generator.

The apartments showcase the grandeur expected from a Candela design, with many units featuring 9 to 10-foot ceilings, some with striking coffered designs. Residences range from a 461-square-foot studio staff apartment to an extraordinary 8,360-square-foot full-floor residence on the 16th floor that was originally the hotel's grand ballroom. Many apartments boast premium finishes including Smallbone of Devizes kitchens, Sub-Zero and Wolf appliances, marble bathrooms with Waterworks fixtures, and sophisticated home automation systems. The larger units typically feature expansive Central Park and Metropolitan Museum views, with some apartments offering over 70 linear feet of Fifth Avenue frontage.

The building has attracted notable residents including fashion icon and Guinness heir Daphne Guinness, and holds historical significance as the place where legendary jazz saxophonist Charlie "Bird" Parker died in 1955 in the suite of jazz patroness Nica de Koenigswarter. Residents enjoy white-glove service including 24-hour doorman and concierge, a 2,500-square-foot La Palestra health club and spa with treatment rooms, a billiards room, bicycle storage, and an in-house wine consultancy. The building's prime location provides immediate access to Central Park, world-class museums, and Madison Avenue's luxury shopping, cementing its status as one of Fifth Avenue's most desirable addresses.